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Can a bank repossess your vehicle if your payment is only 2 weeks late?
Wiki User
∙ 13y ago
IF you are in DEFAULT, the lender can repo meaning "1". If being 2 wks late puts you in default of your contract, then you better clean your ride out.
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Wiki User
∙ 13y ago
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If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Can a bank repossess my car if I am making some sort of payment?
If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.
Can a bank suspend your license or registration for non payment on a truck?
Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.
Can a bank repossess your car for being 2 weeks late with a payment?
Read your contract. It likely says the lender can repo anytime you are in DEFAULT. Two weeks late is unusual, but they could repo when you are 1 day late.
Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Can the bank repossess a vehicle even if the payments are current?
Not IF you reaffirmed the loan with the creditor.
Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?
The bank can repossess the car if payments are not made.
Can a bank repossess a car before the last day of payment?
Unless it's explicitly stated in the fine print that they can't do any such thing, they have a right to repossess the moment the payment is rendered late, if they so wish. However, if you have documentation from the bank showing them explicitly giving you a deadline date, and they come to repossess before then, you may have grounds for a lawsuit. However, you would need to find out if it was the bank which had your car repossessed on that particular day, or if it was the repossessors jumping the gun and going forth with it before the date which they were specified to take possession of the vehicle.
Can a bank take a car that some else as a lien on?
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
Missed the last payment to pay off auto loan can the bank still repossess?
Yes they absolutely can and will! Don't be foolish. Pay up before you have added fees and charges or lose the vehicle completely.
Can a bank repossess a vehicle that is not used for collateral?
If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.
How long does it take for the bank to write off a vehicle if they are unable to repossess it?
I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it
